Swan Energy has received a one-year extension on payment of second tranche of ₹312 crore due to Reliance Naval and Engineering lenders. As per the Resolution Plan, the company was to pay the dues to the lenders on Saturday.

However, NCLT has approved one-year extension for paying the dues along with applicable interest and the new deadline now will be December 23, 2024.

SEL has recently received approval from the NCLT-appointed Monitoring Committee of RNEL to constitute its own board, paving the way for a formal handover of management control.

Swan has set up the board with its Managing Director Nikhil Merchant, Executive Director Paresh Merchant and Bhavik Merchant and Vivek Merchant, among others, as board members. Post incorporation of the board, Swan will finalise plans to put in place a top management structure to oversee operations.

SEL through its special purpose vehicle Hazel Infra has recently made the payment of ₹231 crore on October 27 towards the upfront payment obligations of RNEL.

With this acquisition, Swan Energy has strengthened its plan to emerge as the biggest private player in the commercial and naval defence vessel manufacturing and ship repairing segments. Apart from targeting major contracts from the naval defence sector, the company is also focusing on driving business for commercial vessel manufacturing and for the oil and gas sector.